topic What is the RMD starting age in Retirement tax questions

What is the RMD starting age

sylviasfmak — Tue, 09 Mar 2021 02:06:02 GMT

Is the law change now = The age that must taking money out from IRA (RMD) is 70?

what is the minimum %? If I have 3 IRA type investment accounts, do I need to withdraw

RMD from each account?

Re: What is the RMD starting age

macuser_22 — Tue, 09 Mar 2021 02:09:57 GMT

@sylviasfmak wrote:

Is the law change now = The age that must taking money out from IRA (RMD) is 70?

what is the minimum %? If I have 3 IRA type investment accounts, do I need to withdraw

RMD from each account?

2020 and later 72.

If you turned 70 1/2 in 2019 or earlier then you had to take a 2019 RMD and for all years after that (except the 2020 RMD was waived).

Re: What is the RMD starting age

Critter-3 — Tue, 09 Mar 2021 02:29:14 GMT

If you have 3 IRA accounts (for income tax purposes they are treated as ONE IRA) and the RMDs from all of them individually total $X then $X must be taken out of the ONE IRA in any way you choose. You can take it all from one account or from all of them equally or unequally it is up to you just as long as $X amount is take out of your ONE IRA during the year.